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LORD COPPER: In MF Global bankruptcy margins make matters messy

MF Global’s bankruptcy ought to be an easy one for the markets to digest.

It’s a regulated company and the majority of
its trading appears to be on regulated exchanges, where
clearing systems of some sort operate. This means that, on the
surface, the parameters within which things could go wrong seem
well-defined. The exchanges and clearing houses between them
should have positions cleared, transferred and margined in the
blink of an eye. Or, at least, that’s what we all
think should be the case. Unfortunately, some uncomfortable
facts are being thrown up, which put matters into a slightly
different perspective. It is understood that the company has
made investments (although punts would be...

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